Intercontinental Exchange Gets Overwhelming Consent for Senior Notes Amendments

By Tamara Parker • Saturday, March 02 15:22 • Permanent Link

Intercontinental Exchange, Inc. (NYSE: ICE) announced the results of its consent solicitation for Black Knight Infoserv, LLC's outstanding 3.625% senior notes due 2028 (CUSIP nos. 092174AA9 and U0921BAA6). The company received consents from holders representing approximately 95% of the $1 billion total outstanding principal amount of the notes, surpassing the majority required to approve the proposed amendments. As a result, ICE will pay the holders of the notes aggregate cash consideration of $2,500,000, or approximately $2.64 per $1,000 principal amount of the notes.

Following the receipt of the requisite consents, Black Knight Infoserv, LLC entered into a first supplemental indenture to the existing indenture. The reporting covenant proposed amendment will take effect upon ICE's deposit of the cash necessary to pay the cash consideration to each consenting holder. Additionally, the other proposed amendments will take effect upon ICE's completion of a private exchange offer to exchange existing notes for new senior notes issued by ICE.

The solicitation agents for the consent solicitation were Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and Wells Fargo Securities, LLC.

Intercontinental Exchange, Inc. is a Fortune 500 company that operates exchanges, including the New York Stock Exchange, and clearing houses, offering financial technology and data services across major asset classes. ICE also provides comprehensive fixed income data services and execution capabilities.

If you want to know more, read the company's complete 8-K report here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.